The Latest at Collins Barrow Morrisburg

  • Collins Barrow partner nominated for Business Person of the Year

    Collins Barrow partner Janet Foster recently received a nomination for the Carleton Place and District Chamber of Commerce’s Business Person of the Year Award. In her practice, Janet works extensively with owner-managed businesses, advising them on corporate and personal tax planning, accounting and compliance.

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    Approaching process improvement

    Our lives and the world around us are in a constant state of change. Why then, do so many organizations struggle to make time for continuous process improvement? There are a lot of programs and tools out there – including Six Sigma, Lean, Kanban, 5 S’s, Kaizen and TQM – so it is easy to get overwhelmed. However, you do not need your staff to have months of training to enjoy the benefits of continuous improvement. While many organizations have reaped the benefits of in-house continuous improvement programs, a great deal can be gained from a quick and easy review process.

    Restricted Farm Losses Bulletin

    Unsure if you can deduct your farm losses? The rules have changed! When farm losses are incurred by a taxpayer, they may be non-deductible, restricted or fully deductible depending on what class the taxpayer falls under based on the farming activities performed during the year.
  • Collins Barrow WCM LLP announces new Managing Partner

    Winchester, ON – Collins Barrow WCM LLP recently appointed Kathy Byvelds as Managing Partner. A partner at the firm’s Winchester office since 2004, Kathy brings a wealth of experience to the role. While her practice has focused on tax advisory, she also has expertise in entrepreneurial services and succession planning.
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    Important issues in family succession of farm operations

    When planning for the succession of your farm operation to the next generation, several important issues can arise. Some of the key issues include how the goals and objectives of key stakeholders align with your goals, how you will be spending your time in retirement, ensuring you have adequate financial resources in retirement and how to divide assets among your children, some of whom may not wish to be involved in the farm operation. There are many issues, and they will vary depending on your particular circumstances.

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    Updated Voluntary Disclosures Program

    Audits and assessments undertaken by the Canada Revenue Agency (CRA) that uncover errors or omissions by a taxpayer can lead to significant penalties. These penalties can range from a percentage of unpaid taxes to fixed monthly penalties, up to $2,500 per incident, in the case of late-filed information forms. In severe cases, criminal charges and jail time could result.

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    Farmers in a loss position: consider your options

    If you’re a farmer using the cash method to report income and claim expenses, you have flexibility in determining your taxable income on a year-to-year basis. For example, if you hold off on selling crop inventory, you can reduce your income in that year because you only have to record income when it is cashed in. In most cases, it is beneficial for farmers to estimate their cash income before the end of their tax year, as this allows them to plan for their taxes.